Inflation: foodstuffs become unaffordable in market

Image result for nigeria marketThe prices of essential commodities such as bread, meat, fish, oil and yam, last month, became increasingly unaffordable for Nigerians
According to the National Bureau of Statistics (NBS), the prices of essential commodities rose at a faster pace
in January pushing up the inflation rate to 18.72%
Commodities like bread, meat, fish, oil, yam and others which are driven principally by the impact of Naira devaluation and increase in prices of petroleum products have been rising persistently since 2015
The prices of essential commodities such as bread, meat, fish, oil and yam, last month, became increasingly unaffordable for Nigerians, as the inflation rate rose for the 15th consecutive month to 18.72% in January, 2017.
The National Bureau of Statistics (NBS), while confirming this development in its Consumer Price Index report for January, 2017, said prices of essential commodities rose at a faster pace in January pushing up the inflation rate to 18.72%.
According to the report released on Wednesday, the food index increased by 17.82% (year-on-year) in January, up by 0.43% points from rate recorded in December 2016 (17.39%). During the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.8 percent(year on year).
Commodities like bread, meat, fish, oil, yam and others which are driven principally by the impact of Naira devaluation and increase in prices of petroleum products have been rising persistently since 2015, with the inflation rate, which measures rate of increase in prices, rising from 9.3% in October 2015 to 18.55% in December 2016.
For instance, the price of 50 kilogrammes of Garri, rose by 285% to N15, 000, last month, from N3, 900 in January 2016.
Similarly, 50 kilogrammes of beans that was sold for N13, 500 in January 2016, rose by 33% to N18, 000 last month.
Also, price of 25 litres of palm oil rose by 208% to N17,500 last month, from N6,500 in January 2016.


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